USDJPY moved sideways in a trading range between 108.28 and 109.77. As long as 109.77 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 111.48 and another fall towards 107.31 is still possible after the consolidation. Near term support is at 108.28, a breakdown below this level could signal resumption of the downtrend. On the upside, a breakout of 109.77 resistance will suggest that the downtrend had completed at 108.28 already, then the pair would find next resistance level at 110.50.
